Coloplast A/S

Strong Q3 + 9M momentum in core, but Biologics still a drag - Q3: +6% organic revenue growth and +5% EBIT growth (constant currencies) before special items. - Chronic Care + Interventional Urology strong; Wound & Tissue Repair (Biologics) still pressured by recent U.S. reimbursement changes. - 9M: Reported revenue +3% YoY (organic ~+6%), with FX negative impact of about -3 percentage points to reported growth.

Financial performance and margins: profitability resilient, cash flow strong; special items weigh on EBIT - 9M gross margin: 67% vs 68% last year, mainly from FX (~90 bps negative) plus ramp-up costs (Costa Rica/Portugal), partly offset by lower freight inflation. - Operating profit (before special items): DKK 5.6bn, -2% YoY; in constant currencies +5% EBIT. - Special items: DKK 3.1bn in 9M, predominantly Kerecis impairment of DKK 3.0bn. - Cash flow: Operating cash flow +DKK 5.4bn (vs +DKK 4.4bn prior year); free cash flow +DKK 4.1bn (+16% YoY) and FCF/sales 20% vs 16% last year.

Full-year 2025/26 guidance unchanged (key investor forecast) - Expect organic revenue growth ~5–6% for the year. - Expect EBIT growth ~5% (constant currencies) before special items. - Expect ROIC (after tax, before special items) ~15%. - FX headwind expectation: ~-2 to -3 pp on reported revenue growth and ~80 bps negative on reported EBIT margin. - Cost/inflation assumptions: raw material inflation ~+1% in H2 and ~+2–3% next year (per current view). - Net financial items expected improved to ~ -DKK 300m (vs ~ -DKK 500m previously), and gearing expected around ~2.3x EBITDA by FY end.